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Bill Gates is kinda full of it. Warren's wealth tax would not wipe out his fortune or come close.
Dude is peddling hyperbole to try to push the angle that she is asking for too much.
The best argument fir a wealth tax is that we already tax houses and other real property. Plus, it is much easier to get returns from your 51st million dollar than it is to get income from your primary residence.
home owners have to tap into their earned income or their retirement income. If you have cash or financial instruments that are worth more than 50 million, you are beyond foolish if your not getting at least more than 2%. This means that even with the wealth tax, your net worth should still grow just more slowly than before.
if anything the wealth tax should be at 6% and the cap should be 10 million. It’s right below the historic returns on stocks but it does mean that during economic downturns, your rate of return would be below 6% and you’d have to sell of some if your principal to cover the tax. It would mean that the 1% would be less keen on austerity since they could lose money during recessions.